The insurance industry has been slow to adopt technology and change, but the need for digitization and automation has become increasingly important. The rise of new entrants and changing customer expectations have added pressure on the insurance sector to modernize and embrace new technologies.
In today’s digital age, customers expect quick and seamless interactions with insurance companies. To meet these expectations, insurance companies must adopt technology that will streamline processes, reduce costs, and improve customer experience.
One technology that has gained significant attention in recent years is no-code technology. No-code technology is a type of platform that allows businesses to create software applications without writing code. This eliminates the need for technical expertise, making it possible for non-technical personnel to build and launch software applications. The benefits of no-code technology include reduced development time and cost, faster deployment, and greater agility and innovation.
In this article, we will explore the benefits of no-code technology for insurance companies and how they can use it to 10x their income. From key applications to implementation steps, this article will provide a comprehensive guide for insurance companies to harness the power of no-code technology.
Benefits of No-code Technology for Insurance Companies.
No-code technology offers insurance companies a range of benefits that can help them achieve their goals and stay ahead of the competition. Some of the key benefits of no-code technology for insurance companies include increased efficiency and productivity, reduced operational costs, improved customer experience, and better data management and analysis.
Increased Efficiency and Productivity: No-code technology automates many manual processes, reducing the time and effort required to complete tasks. This increased efficiency leads to increased productivity and more time for other important tasks.
Reduced Operational Costs: With no-code technology, insurance companies can create and launch software applications without having to hire expensive developers. This reduces the cost of development and maintenance, freeing up resources for other investments.
Improved Customer Experience: No-code technology makes it possible for insurance companies to create and launch software applications quickly, improving customer experience. This is because applications can be created with the customer in mind, making it easier for customers to interact with insurance companies and access the services they need.
Better Data Management and Analysis: No-code technology enables insurance companies to collect, manage, and analyze data in real-time, providing insights into customer behaviour and preferences. This data can then be used to make informed decisions, improve customer experience, and increase profitability.
Key Applications of No-code Technology for Insurance Companies
Insurance companies can use no-code technology to automate a range of tasks and processes, from customer service to policy management. Some key applications of no-code technology for insurance companies include:
Customer Service: No-code technology can be used to create a self-service portal for customers, providing them with easy access to information and services. This can improve customer satisfaction and reduce the workload of customer service representatives.
Claims Processing: No-code technology can be used to automate claims processing, reducing the time and effort required to complete this task. This can improve the accuracy and speed of claims processing, leading to faster payments and improved customer experience.
Policy Management: No-code technology can be used to automate policy management tasks, such as renewals, cancellations, and updates. This can reduce the workload of policy administrators and improve the accuracy of policy management.
Risk Management: No-code technology can be used to automate risk management processes, providing insurance companies with real-time data and insights into potential risks. This can help insurance companies make informed decisions and improve risk management practices.
Implementation Steps for Insurance Companies
Insurance companies can use no-code technology to improve efficiency and reduce costs, but they must follow several steps to ensure a successful implementation. Some of the key steps for implementing no-code technology for insurance companies include:
Identify Goals and Objectives: Before implementing no-code technology, insurance companies must identify their goals and objectives. This includes identifying the areas of the business that need improvement and the desired outcomes.
Evaluate No-code Platforms: Once the goals and objectives have been identified, insurance companies must evaluate different no-code platforms to determine which one is best suited for their needs. Factors to consider include features, functionality, cost, and ease of use.
Train Employees: No-code technology requires little to no technical expertise, but employees still need to be trained on how to use the platform. This includes training on how to create and launch software applications, as well as how to use the data and insights generated by the platform.
Implement and Launch: Once the no-code platform has been chosen and employees have been trained, insurance companies can begin to implement and launch the platform. This includes creating and launching software applications, as well as integrating the platform with existing systems and processes.
Monitor and Evaluate: Finally, insurance companies must monitor and evaluate the success of the no-code platform. This includes tracking key metrics such as customer satisfaction, operational efficiency, and cost savings, and making any necessary adjustments to the platform to ensure continued success.
Conclusion
No-code technology offers insurance companies a range of benefits, from increased efficiency and productivity to improved customer experience and better data management and analysis. By following the implementation steps outlined in this article, insurance companies can use no-code technology to improve their business processes and achieve their goals.
With no-code technology, insurance companies can 10x their income and stay ahead of the competition in today’s digital age.
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In 2021,” going digital” is inarguably the best decision that any business can make. The benefits are numerous, spanning from reduced costs to exposure to new opportunities, adapting better to the new remote work culture, and increased prospects of upscaling businesses. Brands who believe this are taking quick steps to expand their digital footprint.
While that is a step in the right direction, we ought to be reminded that every space/ territory has its own threats. And, with the digital space, the chief of all threats remains cyberattacks as digitized processes could create new premises for attacks. This explains why optimizing security is of utmost importance.
Here’s a picture of threats evolving per territory. Organizations that still use offline storage mediums are constantly faced with the threat of losing data to natural disasters or fire outbreaks. This places cloud storage as a preferable data storage option for such organizations. However, on one hand, moving information to the cloud prevents it from being destroyed by natural means. But, on the other hand, this action creates a new surface for attacks which could also lead to data loss. Hackers are lurking predators, waiting to steal away data and extort money from organizations when the opportunity presents itself. Hence, to prevent data loss, and protect digital assets, organizations must invest deeply in security optimization.
What is security optimization?
Security optimization involves the process of evaluating an organization’s security system, identifying loopholes, and closing them up using security solutions. This robust process represents the strongest line of defense against the magnitude of cyberattacks that are projected to occur in Nigeria in 2021.
Weak passwords create a loophole in your security system and hackers are always ready to exploit that vulnerability.
In a statement earlier this year, Director, HP Nigeria, Ifeyinwa Afe, listed major loopholes that create room for attacks on businesses. She maintained that weakened organizations’ security would lead to more unintentional insider threats. She also added that human-operated ransomware and advanced phishing techniques would contribute to increased attacks on businesses.
Ifenyinwa’s predictions intersect with Deloitte’s 2021 cybersecurity outlook which reveals that hackers have gotten more creative and patient in launching attacks on targets and will be rolling out unprecedented techniques in their attempt to compromise their targets.
The need for security optimization
With the increase in the adoption of new technologies owing to the pandemic, hackers now have a broader target base. Judging by predictions and trends in recent attacks, hackers have proven to be more intentional in their approach to stealing from these ever-increasing targets. This is however no reason for organizations to withdraw from pursuing the benefits presented in the digital space.
The proven solution here is to factor security optimization into digital transformation plans. This ensures that while organizations are growing on the wings of digital, hackers are unable or at least constrained in their efforts to prey on them.
At Descasio, we have a list of security solutions that can help you maintain a better posture in the digital space. Click here to learn more about these security solutions. To request a demo, send us an email at hi@descasio.io or call these numbers 01 912 5048, +2348099456007.
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The world we live in is digital. Things approach you quickly, obviously symbolically speaking. One of the main advantages of the advent of the digital age is said to be this speed. When compared to the entirety of human history, digitalization is still a very recent innovation. The desire for trust is one element that has persisted throughout human history. In contrast to the digital world, the meaning of the word “trust” in the real world is significantly different.
The most crucial factor in every business’ success, whether it be digital or analogue, is trust. For each encounter, building trust is the first step. The distinction between the physical and digital worlds has been blurring in recent years, and as a result, our expectations have changed, as has the meaning of trust. Thus, the idea of “Digital Trust” enables both consumers and business owners to conduct transactions in a way that is safe and moral for all parties.
A key component of the developing global economy, which is increasingly dependent on connectivity, data use, and new technologies, is digital trust. Technology needs to be secure and used responsibly to be trusted. People’s mistrust of digitalization is a result of their lack of awareness of these two factors. A rise in mistrust of digital technology is being attributed to issues with security, transparency, ethics, etc.
There is no universal understanding of what exactly constitutes digital trust. Additionally, there is a glaring absence of direction to make sure that people can cooperate to restore online confidence. An analysis supported by facts on what genuinely motivates digital trust between humans and technology is another deficient area.
The expectations of trust in digital interactions cannot be met by broad concepts of trust. Therefore, to satisfy the requirements of digital enterprises, the framework of conventional conceptions of trust has been modified as “digital trust.”
There has never been a more crucial time to care about how your customers perceive you as a brand and company. Relationships in business are now more concerned with trusting each other with their personal information than just exchanging goods and services. With only a few clicks, everything from scheduling doctor’s visits to managing finances can be done. Millions of people offer the same services, which are oversaturated on the World Wide Web. As a result, consumers are beginning to trust “people like me” more than a particular company.
6 Components of Digital Trust
Currently, Digital Trust addresses six important topics: identity, identity management, predictability, risk reduction, and data integrity.
Privacy: This assures your clients that you can complete any transactions or data transfers without prying into their private information for any length of time.
Security: It would be within a company’s power to ensure that there is absolutely no risk to any party’s data during the transaction.
Identity: Our “actual” identity cannot be completely hidden by our online persona. Customers are given anonymity unless they specifically want it, as identity is a factor of digital trust.
Predictability: The capacity of a corporation to forecast hazards and develop detailed strategies in the event of a “what if” scenario using existing data. This demonstrates to their customers that a corporation with foresight can be trusted.
Risk Mitigation: The ability to comprehend unknown occurrences and devise a strategy to lessen their effects wins the trust of current and potential clients. When a consumer is certain that all potential dangers have been taken into account, they will be more inclined to disclose their data.
Data Integrity: Data security must always come first if you want to maintain your clients’ trust. To maintain data integrity, you must make sure that all of your data is accurate and up to date and that it is being handled, stored, and processed properly.
It takes time and effort to establish trust online. Many businesses struggle with the paradox of losing clients by not having a strong digital presence while simultaneously having to turn away customers by digitizing their processes. Companies may build digital trust with their customers based on four pillars.
Transparency and accessibility
Consumers want transparency in all facets of their interactions with brands as the number of digital goods and services increases. People have access to tremendous amounts of information at their fingertips in the digital era. They can quickly look up the available goods and services. They also exchange their personal information with businesses. This is done with the understanding that the business will operate transparently and be reachable when necessary.
Ethics and responsibility
The digital world, with all its delights, has a dark side and is only as moral as those who created it. This means that the majority of businesses must comprehend how to repurpose the technology at their disposal in a way that is consistent with their basic beliefs. This gives them the ability to demonstrate to their clients that their business is deserving of their confidence.
Privacy and control
There is a trade-off between consumers and businesses in the digital world. Customers exchange their data to obtain access and personalize and streamline their experiences. Despite being voluntary, this deal has its limitations. Companies can provide customers choice over when and how their data is used if they feel that their data is being used in a way with which they disagree. This fosters a relationship of mutual respect and trust between businesses and their clients.
Security and reliability
Customers love the convenience that digital platforms offer, but they also think that businesses should be held accountable if they betray their confidence. Cyber hazards are now better known to consumers than ever before. They consequently choose the businesses they feel can be trusted with their data as a result of this. A business that maintains a high level of cybersecurity is more likely to experience a surge in customers than one that makes headlines for security breaches involving client data.
We need to make sense of the daily quick advancements if we’re going to have a future where digital trust is what drives success. Reduce misunderstandings and accept improved technology to fully comprehend the digital environment. A critical factor in ensuring that there is digital trust between customers and service providers is cybersecurity.
It takes commitment to ensure that a consumer is happy with handing their data to you if you want to build a future in which digital trust is an undeniable component of your business model. Today is the first day of work toward a future of digital trust.
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Check Out the Top 21 Digital Tools To Try Out On Your Business in 2023
Since the start of the third industrial revolution – also known as the digital revolution age – in the mid 20th century, businesses and corporate organisations have always adopted improved ways to function digitally.
The rapid adoption of digital tools by businesses didn’t begin until the late 90s at the height of the internet boom. This golden era heralded the rise of digital products like cloud software which have transformed the way businesses and organisations store important data from meagre physical hard drives sizes of the 60 to the 90s to powerful giant servers housed by software companies like Microsoft Azure, Amazon Web Service and Google Cloud Platform.
Using efficient and innovative digital tools has many advantages which include customer satisfaction and retention, improved internal and external communication, time optimisation, low customer churn out rate, information centralisation, etc.
Digital tools are online platforms or software applications leveraged by businesses or individuals to perform quick and optimised functions that ordinarily takes forever to accomplish without them.
The Rise of GAFAM
Most businesses and organisations that have transformed or are in the process of transforming digitally have adopted the use of some digital tools owned by Google, Apple, Facebook, Amazon and Microsoft also known as the Big 5. From cloud storage, collaboration, security, to communication tools, these tech giants have it covered.
Over the years, digital tools have slowly grown from performing very basic tasks easily done by new interns to more complex tasks usually undertaken by high level engineers and managers. This evolution has greatly improved and saved productivity, output and output respectively, reducing the need for busywork in the workplace.
The Right Digital Tools
Beyond joining the digital transformation wave, It’s imperative that businesses choose the right digital tool that works for them. For example, an upcoming fashion brand will quickly improve its operational process digitally with a Customer Relationship Management tool like Zendesk, while a Logistics company will prioritise the use of several management tools.
Some tools remain very necessary to integrate across industries and we’ll take a look at 21 of them. Here are 21 digital tools businesses should promptly adopt next year if they haven’t:
1 DT Assessment tool
Businesses that adopt digital technologies with no other strategy than the sheer aim to compete have found themselves in a puddle 9 out of 10 times. This underscores the importance of the digital transformation assessment tool for businesses.
The Digital Transformation tool will enable businesses to look inward and find out how ready they are to adopt technology, based on their current operational process and also provide recommendations to help businesses understand what technologies they need to adopt. Ultimately this will help to ensure that businesses can guarantee high returns on their investment in technology solutions.
2 Microsoft Teams
Microsoft Teams is one of the most effective digital tools out there for businesses that want an all-in-one package. It gained prominence during the pandemic last year. The collaborative software, replacing other Microsoft messaging and collaborative platforms like Skype and Classroom, consist of a chat feature where users can chat seamlessly with other users both one on one and as a group, file sharing, meeting, live event and a video/audio call feature.
Microsoft Teams is itself an online workspace where Team members can get work done.
3 Zoom Video Communications
The Zoom app was pretty much an inconspicuous digital tool that gained so much traction as the go-to social distancing tool during the surge of the COVID 19 pandemic last year. This led to Zoom being the fifth most downloaded mobile app worldwide in 2020 at 477 million downloads.
The video conferencing platform is best used for remote working, distance education (usually known as webinars) and all those boring Monday meetings.
The app can be downloaded from the Apple app store and Google Play Store and also on desktops.
4 Whatsapp Business
For most individual businesses, especially on social media, the Whatsapp Business app is the go to digital tool. With features such as a business profile, catalogue to show your products and services, auto messaging, QR codes to invite new customers and other features, Whatsapp business allows businesses to enhance operations and provide them with a professional and personalised way to engage with their customers.
The messaging app was created by Facebook as a standalone application for business owners and can be downloaded from the app and PlayStore.
5 Zendesk
Interfacing with a lot of old and new customers seamlessly can be a hassle if your business has yet to integrate with the right customer service software. This is where Zendesk comes in. The tool helps optimise your customer relationship with features like messaging and live chat, ticketing system, voice, answering bot and so much more.
6 Sage Cloud Accounting
One of the best accounting software out there, the Sage business cloud accounting platform is a truly transformative digital tool for any business that has adopted it. The software comes fully fitted with advanced inventory, stocks management, invoicing, debtor management, etc and can be used across all industries.
7 Hootsuite
Social media has increasingly become a very important medium used by companies and organisations to communicate with customers. But managing several social media accounts at the same time will require social media management tools like Hootsuite. With Hootsuite, you can manage, plan, schedule and analyse all your company’s social media platforms (LinkedIn, Facebook, Instagram, Twitter and Youtube) and contents in one place.
The platform comes in 3 different plans; Professional, Teams and Enterprise and can be accessed on the web and downloaded from the app and Play Store.
8 Google Workspace
Arguably the most used digital tool by businesses and individuals due to its simplicity and seamless integration, the Google Workplace, formerly known as Google Suites is a powerful digital transformation tool. The collaborative suite includes well known digital tools like Gmail, Calendar, Docs, Slides, My Tasks, Drive and a number of others that employees can use to share real time information.
The digital tools under the G Workspace package can be used independently or jointly.
9 Twitter
Before its ban, Twitter was one of the most favorite online tools used by Nigerian businesses for the quick dissemination of information about their offerings.
Its disposition to capture a lot of audience in a matter of minutes makes it a go to affordable marketing tool for small businesses.
10 Asana
Another popular collaborative digital tool businesses can use to work remotely is Asana. Created by a former Facebook co-founder Dustin Moskovitz, Asana is a web and mobile application designed to help teams organise, manage and track their work.
Unlike Microsoft Teams and Google workspace, Asana is a bit limited in features that include automated workflow and reporting, but it’s still a great option especially for small-scale businesses and startups.
11 Google Marketing Platform
This is one of the best digital marketing tools for any B2Bs or B2Cs looking to gain visibility and traction.
The Google Marketing Platform offers solutions like Data Studio (check below for more information), Analytics for reporting, Optimize to test your app or web products and Surveys for fast and reliable opinions from your customers for both Small businesses and Enterprises comes loaded with a lot of rich offerings.
12 Google Data Studio
The first data analytics digital tool on the list, the Google Data Studio is a data analytics tool like no other. Simplistic in its usage, the tool is used for converting data into customisable and visualisable informative reports and dashboards.
A product of Google Marketing Platform, the Data Studio features include Data Connectors for seamless integration with other Google platforms like Google Sheets and Google Ads, Data Transformation to transform raw data into meaningful information and Data Visualization.
13 Dropbox
As the name implies, it’s a box where you can drop stuff. Well, it’s a little more than that. It’s a gigantic, remotely accessible box where you can drop and access any of your files.
With Dropbox, you can easily share different files, no matter how large or small, with the rest of your teammates, making it easier to collaborate and co-create. Dropbox can be easily accessed from any computer, mobile device or web driver and its creators assure users of optimal security during file transfers.
14 Microsoft Azure
Build applications to meet customer demands using AI and machine learning. Test, deploy, manage and scale applications up and down depending on demands.
Do all of this and even modernize your existing applications with Microsoft Azure.
15 Instagram
Do we even need to go deep into this one? I’m guessing no. But we’d do it anyway for the sake of those who aren’t still in the know. One of the most important tricks with marketing and digital marketing is understanding where exactly your customers are and meeting them right there.
With this in mind, think of who your ideal customers are, think of what they’d most likely be doing during the day at every moment when they get a breather from work. If you can picture them scrolling through Instagram feeds, then you already know your business page should be one of those feeds they’re feeding on. (hmmm. So that’s why they call them feeds. Oh! you just learnt something extra. I should get a tip for that).
This tool enables users to create websites or blogs for any purpose and helps manage the contents deployed on the website after creation for great SEO ranking.
16 WordPress
WordPress is one of the most popular content management systems. As of May 2021, 41.4% of the top 10million websites around the world uses WordPress.
This tool enables users to create websites or blogs for any purpose and helps manage the contents deployed on the website after creation for great SEO ranking.
17 TalentSoft
TalentSoft is a cloud-based HR software that enables Human resource managers to have better interactions with other managers across the organization as well as employees. The tool has a wide range of features that caters to different HR functions like, recruiting, employee engagement, onboarding and more.
TalentSoft adapts to HR practices across different countries and organizational structures, making the tool effective for talent management on a global scale even whilst it respects local requirements.
18 MailChimp
Your business is incomplete without an email marketing tool. One of the most popular digital email marketing tools out there, MailChimp is virtually used by any business – including news platforms and podcast hosts – with a moderate or large customer/audience base.
The MailChimp features which include Audience Management for segmentation and targeting, Creative Tools for content creation, Marketing Automation and Insights and Analytics allow for seamless and faster interaction with customers and integration to other digital tools.
19 HubSpot
Very few digital tools offer so much comprehensive digital interaction for businesses the way HubSpot does. The HubSpot platform packs a big punch; it combines customer relationship management solutions, inbound marketing solutions and other digital solutions into one package and can be integrated with other popular digital tools.
The platform also offers easy to use free features to help businesses grow their audience base online.
20 Trello
Trello is a visual collaboration tool where users share and manage projects. Unlike most collaboration tools on this list, Trello’s unique offering is in its powerful visual perspective to remote work.
Not considered as a go to option for most businesses due to its limited features, it’s still an attractive option for users who want a fun and simple interface to work on.
21 PayFit
A list of digital tools for businesses is not complete without a payroll management tool like PayFit. The tool completely takes away the hassle of manually preparing and processing payment of employee salaries and entitlements from Human Resources managers by automating the process using various features like employee portal, onboarding and reporting and exports.
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The year is gradually winding down and some companies are already setting out plans for next year that will position them ahead of their competition. Whatever plan it is, business owners must make adopting the following easy-to-use tech solutions as the number one plan for 2023.
Interconnected management Software
The world is changing at a faster pace. The idea of having employees working from anywhere but the office was as rare as the purest form of a diamond. At the moment, 16% of companies globally are fully remote according to a study by Owls Lab. This shows that remote work is increasingly becoming the most preferred form of work lifestyle by workers, and to stay ahead of the curve in 2023, more companies will need to embrace flexible work-from-home schedules for their employees.
To achieve this new form of work culture, companies must adopt the right interconnected management software that can connect seamlessly to their employees’ digital workspaces to provide a comprehensive and integrated look at all aspects of the business.
Customer interaction management platforms, for instance, can help keep track of the apps a company use for emails, online chats and phone calls as well as any client notes or profile updates it makes during those interactions.
Having that management tool accessible from the same hub with inventory tracking apps and human resources software means that the company can log on to the same platform for a quick update or to complete a specific task in each area.
A.I Tech
One technology that will give you the edge in a race against your competitors in the coming year is the use of Artificial Intelligence software for your business. In 2019, Startup companies using artificial intelligence received more than $7.4 billion in funding. Also, according to Gartner, technological research and consulting firm based in the U.S, the number of enterprises using AI in business grew by 270% between 2015 and 2019.
These stats show how crucial it is for businesses to adopt the use of AI software for a few of their business processes including sales and customer relations to easily track customer behaviour and provide accurate insight to make better and more informed decisions. Small Businesses may even employ kiosks to help customers with purchases or to answer any questions they may have with a product in the future.
As for Larger businesses and corporations, AI is usually used differently. Automated robots are being introduced to the workforce with programming to make calculations, such as redirecting harvesting equipment on farms for greater yield.
Inventory and Management and Analytical Tools
Improper inventory management can lead to overorders and cause issues with cash flow. While business owners may not immediately jump to inventory management as a major need, it’s crucial to have a dedicated system for tracking which products are going in and out.
This has led to the creation of software built specifically to track inventory for small to medium-sized businesses.
For greater insights into which products are doing well and which need to be revised or marketed better, a program that analyzes inventory can make a huge difference for a business unaware of how well a product is selling. Thankfully, there are plenty of applications that have been created for this, such as…
Inventory management software often offers integration with other software to provide business owners with a better sense of where they can improve. This information can include which payment method is most popular, which products may be underperforming, and when transactions seem to reach their peak. This type of data lends itself to helping companies perform better, even if they’re small and only selling a few different products.
Financial management tools
Keeping track of your business’s finances is critical for success next year and beyond. Investing in accounting software early on allows you to continuously monitor cash flow, track expenses and manage employee payroll.
QuickBooks remains a popular option for small business owners due to its ease of use and scalability, while entrepreneurs with simple billing can turn to free software such as Wave.
Cybersecurity software
Most businesses utilize a network connection to some degree, be it internal data storage or an online point of sale system. While larger corporations often have complex data security systems in place, small businesses can also fall victim to a cyber attack if they do not take steps to protect themselves.
Setting up cybersecurity software early in your business can protect the valuable company and customer data. A great place to start is purchasing antivirus software, which guards computers and networks against viruses and other malicious attacks. You may also consider purchasing a business VPN to ensure only authorized users can access your network.
Regardless of which specific tools you in the future, having the right technology in place will allow your new business to get off on the right foot toward lasting success.
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By 2030, ten powerful converging technologies will entirely transform the way businesses work and engage with their customers. Here’s what you need to know:
Artificial Intelligence
Software algorithms that automate complex decision-making tasks to mimic human thought processes and senses. AI will exponentially speed up every aspect of human and machine interaction.
What is Artificial Intelligence
Artificial Intelligence is the combination of algorithms used to create intelligent machines. It is said that the next great leap in technology will not be systems that run faster and more efficiently, but rather a platform capable of anticipating our every need which is the foundation successful businesses are built upon.
Augmented Reality
Augmented Reality or AR as it’s fondly called is a visual or audio “overlay” on the physical world that uses contextualized digital information to augment the user’s real-world view.
It will be used to inform and amplify your interaction with all aspects of your everyday life, work and travel. Companies like Apple have already positioned themselves for the future with the design of the Apple Glass. The purpose of the Glass is to bring all of the information from your phone directly to your face.
AR will turn your gaze on almost anything in your surroundings, squint thoughtfully, and immediately view informational content about the object or activity of focus. Imagine the power it will give any businesses that adopt this technology now.
Virtual Reality
VR is an interface in which viewers can use special equipment to interact with a three-dimensional computer-generated simulation in realistic ways. Unlike AR which adds digital elements to a live view often by using the camera on a smartphone, VR is a complete immersion experience that shuts out the physical world.
The adoption of VR is poised to bring transformation to businesses that operate in the sphere of education, entertainment, medicine and more.
3D Printing
3D Printing is a machine that creates three-dimensional objects based on digital models by layering or “printing” successive layers of materials. It is used to fabricate bespoke ‘everything’ from homes and automobile parts to the replacement of human bio-tissues.
3D printing tech has brought massive innovation to the world. The technology has its imprint on virtually all industries. it is a sure-fire for any business to last the mile.
Internet of Things
IoT, as it is often called, is a network of physical objects embedded with sensors, software, network connectivity and computing capability, and can collect, exchange and act on data.
The Internet of Things has already started to revolutionize our homes and workplaces with smart speakers, lights and heating thereby minimising and simplifying everyday decision-making.
Robotics
Robotics is the use of machines with enhanced sensing, control and intelligence to automate, augment or assist human activities. Robotics tech is already in use in different industries like healthcare, education, manufacturing and research institutions.
Quantum Computing is a new generation of technology of advanced computers 158 million times faster than the most sophisticated supercomputer. It will comfortably do in 4 minutes what it would take a traditional supercomputer 10,000 years to accomplish.
This technology holds the potential to transform medicine, create unbreakable encryption and even teleport information. Any business with the ability to integrate Quantum Computer will easily dominate its industry for years to come.
Gene Editing
Gene Editing is a group of technologies that give scientists the ability to change an organism’s DNA by allowing genetic material to be added, removed or altered at particular locations in the genome. This technology possesses the capability to extend the human life span and improve health and quality of life.
Already, scientists are making precise edits to DNA strands, leading to treatments for genetic diseases. This is a game-changer for the healthcare industry.
The use of Gene Editing tech could potentially push any company to the pinnacle of domination.
Materials Science
Material Science is the discovery and development of new materials accelerated by the Materials Genome Initiative. It allows scientists to create new elements and better products, transforming many aspects of everyday life.
Blockchain Technology
You are already familiar with Blockchain Technology based on previous articles we’ve written on it. But in case you need a rehash, Blockchain Technology is a distributed digital ledger that uses software algorithms to record and confirm transactions with reliability and anonymity.
The technology creates the infrastructure for web3 and transforms the internet — returning power and ownership to individuals.
Already, Blockchain Technology is disrupting the financial industries as more people are adopting the use of the technology – based on its most singular significant feature of decentralisation – to perform payment transactions with ease.
Any payment platform that wishes to stay relevant should start thinking of ways to integrate the use of Blockchain Technology.
Conclusion
That’s it! These are the 10 Most Powerful Business Technologies you need to start adopting right now as a business owner if you don’t want your business to be swept away by the rising current of innovations out there.
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As Bitcoin and other cryptocurrencies have been picking up steam, the focus has turned to blockchain – the underlying distributed ledger technology (DLT) that powers these digital currencies.
Blockchain technology is simple to understand at its roots. The tech exists as a shared database filled with entries that must be confirmed by peer-to-peer networks and encrypted.
It’s helpful to envision it as a strongly encrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors, and is agreed upon by everyone in the network.
Blockchain and its characteristics can provide multiple advantages to businesses — whether they’re using a public blockchain network or opting for private or permissioned blockchain-based applications.
While market forces may compel companies to transform themselves, disruptive technologies like blockchain and artificial intelligence provide a powerful catalyst for change. Just as leading organizations integrated the web into the fabric of their businesses during the internet era, modern companies need to adapt with today’s emerging technologies in mind.
Experts identify the following as the top blockchain benefits:
1. Trust
Blockchain creates trust between different entities where trust is either nonexistent or unproven. As a result, these entities are willing to engage in business dealings that involve transactions or data sharing that they may not have otherwise done or would have required an intermediary to do so. The enablement of trust is one of blockchain’s most cited benefits. Its value is evident in early blockchain use cases that facilitated transactions among entities that didn’t have direct relationships yet still had to share data or payments. Bitcoin and cryptocurrencies, in general, are quintessential examples of how blockchain enables trust between participants who don’t know each other.
2. Decentralized structure
Blockchain proves its value when there’s no central actor who enables trust. So, in addition to enabling trust when participants lack trust because they’re unknown to each other, blockchain enables sharing of data within an ecosystem of businesses where no single entity is exclusively in charge. The supply chain is a case in point: Multiple businesses — from suppliers and transportation companies to producers, distributors and retailers — want or need information from others in that chain, yet no one is in charge of facilitating all that information sharing. Blockchain, with its decentralized nature, solves that dilemma.
3. Improved security and privacy
The security of blockchain-enabled systems is another leading benefit of this emerging technology. The enhanced security offered by blockchain stems from how the technology works: Blockchain creates an unalterable record of transactions with end-to-end encryption, which shuts out fraud and unauthorized activity. Additionally, data on the blockchain is stored across a network of computers, making it nearly impossible to hack (unlike conventional computer systems that store data together on servers). Furthermore, blockchain can address privacy concerns better than traditional computer systems by anonymizing data and requiring permissions to limit access.
4. Reduced costs
Blockchain’s nature also can cut costs for organizations. It creates efficiencies in processing transactions. It also reduces manual tasks such as aggregating and amending data, as well as easing reporting and auditing processes. Experts pointed to the savings that financial institutions see when using blockchain, explaining that blockchain’s ability to streamline clearing and settlement translates directly into process cost savings. More broadly, blockchain helps businesses cut costs by eliminating middlemen — vendors and third-party providers — that have traditionally provided the processing that blockchain can do.
5. Speed
By eliminating intermediaries, as well as replacing remaining manual processes in transactions, blockchain can handle transactions significantly faster than conventional methods. In some cases, blockchain can handle a transaction in seconds or less. However, times can vary; how quickly a blockchain-based system can process transactions depends on multiple factors, such as how large each block of data is and network traffic. Still, experts have concluded that blockchain typically beats other processes and technologies in terms of speed. In one of the most prominent applications of blockchain, Walmart used the technology to trace the source of sliced mangoes in seconds — a process that had previously taken seven days.
Other benefits include Visibility, Immutability, Individual control of data and innovation.
As organisations start to reimagine their futures, they have the opportunity to explore ways blockchain technology can drive growth.
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more organizations are abandoning manual business processes and jumping on the train of automation. According to a 2020 Mckinsey survey of business leaders from a wide cross-section of industries…
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Years before the existence of smart devices and dystopian sci-fi movies like the Matrix and Terminator, a certain individual had stumbled upon a great discovery that has continued to remain a major technology reference till today. Born in the late 1920s just before the great depression (a significant period) to a politically conscious family of European immigrants. Growing up, he had it very tough as his family traveled to different states across the U.S (his country of birth) seeking greener pastures before finally settling in Los Angeles.
As a teenager, he worked 2 different jobs as a Carpenter and a Fisherman to help his family. But one thing that stood out about this individual – aside from inventing the hydraulic orange-squeezer, a beloved device for fitness junkies – was his penchant for brilliance. He was already a Mathematics guru after teaching himself college-level mathematics using textbooks gotten from the California Institute of Technology, Caltech.
He studied Mathematics so much on his own that when he officially enrolled at Caltech to study Mathematics at the age of 16, he was allowed to skip two years of lectures (That’s equivalent to skipping 4 semesters of first degree in a University), a no mean feat! He graduated 4 years later (he briefly served in the US Army during the second world war before coming back to complete his graduate studies) and obtained his doctorate, also in the same field, in 1951 at Princeton University.
Now, back to his great discovery. In 1956, the great Mathematician organized a famous conference called the Dartmouth conference where he first coined the term “Artificial Intelligence” and established in his own words that, “Every feature of intelligence or learning aspects in principle can be so precisely described that a machine can seamlessly simulate it”. In other words, machines can learn and reason like humans.
More than 50 years later and counting, this theory espoused by this individual, who was later credited to be the Father of Artificial Intelligence, has been at the core of every technologically driven research and creation; think Apple, Google, Microsoft, Amazon, Tesla, etc, making it a game-changer in the world of automation.
Automation has been around throughout human history. The first tradition of automation dates back to Egypt in the first century AD. The mathematician and engineer Heron of Alexandria created the first vending machine. But the industrial revolution of the 18th and 19th centuries heralded the mass creation and use of automated devices which today is now the norm.
Automation describes a wide range of technologies that replace or reduce human intervention to perform repetitive and time-consuming processes. Human intervention is replaced or reduced by programmed decision criteria, subprocess relationships, and related actions.
Virtually everything is automated around us; think of all the endless automated SMS and email messages you receive from your favorite banks and fintech companies and even betting platforms, Automated Teller Machines (ATM) and Point of Sales (PoS) machines to automate payment processes at banks and supermarkets outlets respectively, airline and car park ticketing systems and other hosts of processes.
Business Processes To Automate
There are a lot of business processes companies can automate today. Here are a few examples of these processes:
Customer Support
Who wouldn’t want to automate customer support? While there is a significant case to be made for personal interaction when a customer has a problem, there is also plenty of value in proactively solving that problem with automation in the form of self-service help centers, chatbots, or other artificial intelligence systems.
Beyond simply speeding the time to resolution with an array of customer-facing features, customer service automation platforms provide insights into your business’s overall customer support process, allowing you to find opportunities to increase operational excellence.
Accounting Reconciliation
Financial statements must line up to the penny and will always require some sort of human input, at the very least at the review and approval stage. But as earlier mentioned, automation isn’t limited to all or nothing—there is a tremendous amount of labour that goes into the reconciliation process, some of which computers are an ideal fit for.
Automating the accounting reconciliation process can eliminate paper-based, manual spreadsheets by adding new ERP accounts automatically, creating segregation of duties, making post-certification view-only records, and providing visibility of the whole process. By the time the process is ready for the human touch, all the hard work is done.
Sales Process
What do salespeople love? Closing deals.
What do they hate? Paperwork, or in the case of modern sales, updating a CRM.
In an ideal world, salespeople would spend the majority of their time on tasks that utilize their talents, such as prospecting and having conversations. Activities like call logging, filing, and handoffs to the implementation team are a necessary part of the job, but they’re also tasks that are ripe for automation. Between connected devices, paperless contracts, and automated call logging, digital workflows between various sales tools allow your sales team to spend more time selling and less time on manual data entry.
The Ripple Effect of Automating Your Business/Organisation
Automation can have a profound impact on any business. Companies with automated processes tend to outperform companies without any form of automation. A distinctive benefit for the former over the latter is reduced costs of lost profits (most companies lose 20-30% of revenue every year due to inefficient processes). Other benefits and effects of automating business processes include an increase in productivity and scalability, better customer experience, higher efficiency, lower errors, and save of work time.
Conclusion
As a 21st century business, automating your work process should be a no-brainer, especially if you wish to reap its benefit. Take that giant step now with Descasio, if you haven’t, to automate your entire business process.
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Throughout the ages in history, humans have relied on varying tools, not just to survive, but to stay dominant and ahead of others. More particularly, some of these tools were used for optimization purposes.
The Stone Age tools of the prehistoric era like the Handaxe (a multipurpose food gathering tool), fire controller (a technological evolution at that period), and Bone tool served as a huge advantage for those who wielded them. Think of them as the Elon Musk and Bill Gates of the prehistoric era.
Fast forward millions of years later into a much more digitized world, a million and one online tools have popped up for big and small companies to optimize regular work processes with.
Take, for example, a simple process like sending or exchanging documents internally can be done with collaborative tools like Microsoft teams and Google Workplace (You can read extensively about 21 digital tools to use for your business in 2021. )
These tools have greatly enhanced and reduced efficiency and overhead cost respectively, digitally transforming businesses that have adopted them and giving these businesses the edge to always stay ahead of their competition.
DT Assessment Tool
One tool that stands out in the 21st century is the Digital Assessment Tool, a tool that specifically helps organizations across all industries determine their level of readiness for embracing technology translation – a platform dedicated to positioning your business to be at the forefront of digital transformation. Call it the Houdini of tech solutions and you wouldn’t be firing blanks.
Since the release of the tool a month ago, over a thousand organizations have already used the tool to check their digital maturity, a very useful parameter to determine if your company is technologically driven. The higher your company is on the digital maturity scale the digitally transformed it is.
Below are five lasting effects the DT assessment tool will have on your business to stay ahead of the competition:
The Future Becomes Your Oyster
One of the most transformational effects on your business after making use of the DT Assessment tool is the realization of what it takes to get your business ready for future disruptions.
For example, a modern commercial transportation company with fleets of combustible engine cars will easily be disrupted and rammed into (all pun intended) by a commercial transportation company that has invested in a fleet of electric cars.
Taking the DT assessment will arm the former with the ample information needed to digitally transform its business model to survive the impending tsunami and favourably compete with and get ahead of the latter.
Less Money to Spend Based on Available Data
Here’s a telling stat: According to an Adobe study done six years ago, 82% of companies still very much invest billions in paper usage.
Even the pandemic and the advent of remote working hasn’t slowed down the use of paper as the paper market is expected to see positive growth for the next 3 years.
The good news; this is the biggest opportunity to get ahead of the curve by eliminating paper-based tasks in your business processes, saving huge amounts of money, and investing it elsewhere. An example of an industry that has eliminated paperwork is the Fintech industry.
This essentially is what the DT assessment tool is all about, identifying what your business needs to let go to position it for digital transformation based on data about your business.
Clearer Picture
It’s hard to keep up as a business owner or manager when so many business processes are executed in real-time which can easily lead to broken and dysfunctional processes. This is especially true for large and medium-scale businesses.
The DT Assessment tool can help fix these redundancies by assessing internal work processes and showing you a clearer picture of what your business needs with the right software.
Find Your Solution
As stated earlier at the beginning of this article, there are millions of technology solutions out there in the digital world. The upside is that we get to be spoilt for choice. And the downside? We get to be spoilt for choice.
As a result, many companies find it difficult to determine what solutions are most appropriate for them among the pool of existing solutions.
Do I need to adopt Microsoft Teams because my competitors adopt the same? Or should I use an alternative tool with a different offering in an attempt to outperform them? These are questions that many business owners have been troubled with over the years.
However, with the DT Assessment tool mirroring your business processes back to you in the clearest form, you will be able to determine what solutions are a perfect fit for broken workflows.
You’d also get some recommendations on suitable solutions to adopt in specific areas after completing the assessment.
Rinse and repeat
We live in an ever-evolving business landscape where you have to use your best paddles at all times to move along the current. Those paddles in the form of the DT Assessment tool is your guide to help your business consistently stay ahead in the race.
It is advised you take the assessment periodically. This is also to ensure the tool naturally adapts to your business needs and predicts the right changes for your business to grow.
Conclusion
There is no better time to assess the digital maturity of your business. The tragic Covid19 pandemic has forced quite a lot of companies to take the digital transformation journey, but some has unfortunately found that journey tedious.
The DT Assessment will make that journey less tedious and seamless.
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